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In the News – Kaesong Firms Still Suffer from N.Korea Sanctions

South Korean firms in the joint Kaesong Industrial Complex in North Korea lost about W2 billion each due to sanctions on the North implemented in 2010 (US$1=W1,173).

Some 61.8 percent of 200 firms said it has been hard to recover from losses, according to a survey published by the Korea Chamber of Commerce and Industry on Wednesday. Some 24.8 percent said they have recovered slightly and 13.4 percent they have fully recovered.

The firms suffered average losses of W1.94 billion, about double the W970 million estimated in a survey right after Seoul imposed sanctions on the North on May 24, 2010.